i. Revenue Receipts
This includes the income the government expects to receive within the fiscal year that is not to be paid back by the government.Revenue Receipts are not reclaimed from the government, and hence they don’t impact the liabilities and assets of the government.
Revenue Receipts are of 2 types:
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Tax Revenue
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It consist of the proceeds of taxes and other duties levied by the Central Government.
Tax revenues comprise of proceeds coming from the following types of taxes:
- Direct Taxes – It includes taxes which are imposed directly on individuals (personal income tax) and firms (corporation tax).
- Indirect Taxes – It includes taxes like Excise Taxes (duties levied on goods produced within the country), Customs Duties (taxes imposed on goods imported into and exported out of India) and Service Tax.
- Other Direct Taxes – It includes taxes like Wealth Tax, Gift Tax etc.
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Non-Tax Revenue
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It comprises earnings from sources other than taxes, and mainly consists of:
- Interest receipts on account of loans by the Central Government
- Dividends and profits on investments made by the government
- Fees and other receipts for services rendered by the government.
- Revenue from Spectrum Auctions
- Loans and Grants-in-aids from foreign countries and international organisations
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